Outsourcing is the future of most industries, especially those that primarily operate in the realm of IT. It is cheap, effective, and flexible for everyone involved.
In recent years, there has been an upsurge in demand for outsourcing, particularly as businesses have battled to keep their workforce functioning smoothly during a global pandemic.
- Reducing expenditure is the most popularly cited reason firms turn to outsourcing, with 59% of enterprises doing so to minimize the strain on their budgets.
- According to an NTT Services report, the pandemic prompted various firms to enhance their workplace environment by bringing in new skills and expertise. As a result, 45% of global firms are considering increasing outsourcing.
- According to Deloitte’s study on outsourcing in the current market, 27% of respondents indicated they saved 10-20% using Robotic Process Automation.
- 54% of businesses report no change in service quality due to their outsourcing operations.
- A YouGov survey in the United Kingdom states that 48% of organizations are outsourcing internationally due to a shortage of talent in their current marketplace.
- The Philippines’ economy is based on outsourcing, which accounts for about 2% of the country’s GDP. According to estimates, the country’s BPO industry employs about 1.2 million workers.
- Only 29% of US firms with fewer than 50 employees outsource.
- The United States is responsible for 2% of the $92.5 billion spent globally on BPO services.
- After the pandemic, 32% of businesses expect to outsource less.
- Freelancers in the United States make up 36% of the workforce.
- A Princeton report suggests that outsourcing can eliminate over one-fifth of all jobs within the United States.
- Gartner states that the number of organizations outsourcing critical tasks will skyrocket in 2022 and beyond. Approximately 85% of logistics leaders expect their outsourcing expenses to rise in 2020.
- India ranks at the top of the list of countries popular for outsourcing
- In 2021, 49% of companies reported outsourcing a minimum of one form of their content marketing strategy.
- 80% of small businesses claimed to start outsourcing by 2021, mentioning its contribution to saving time and growing their business, and allowing collaboration with experts as justifications.
- As the outsourcing industry continues to grow at an astounding rate and businesses grapple with the financial challenges propelled by the pandemic, around 62% of those surveyed in a BCG study stated they want to renegotiate their outsourcing contracts.
- According to a Deloitte report on outsourcing, almost 90% of organizations believe the cloud is a key facilitator in outsourcing.
- Last year, firms worldwide spent $75.2 billion on security outsourcing.
- In 2019, over half of the small enterprises, or 52%, want to outsource business functions.
- According to Statista, the IT outsourcing industry is predicted to rise at an exceptionally rapid pace. By 2022, the global market was valued at around $1.2 trillion.
With outsourcing, companies have access to great expertise without the added responsibility of employing new people and adding to what could be an already bustling workforce.
These outsourcing statistics only show the tip of the outsourcing industry’s iceberg. The possibilities through outsourcing are limitless, and for the generation that is promptly embracing change, outsourcing may just become a regular occurrence.
